Core Insights - The ABS market in Q1 2025 saw a significant increase in new issuances, with 462 projects totaling 397.5 billion yuan, marking a 31% year-on-year growth compared to 304.4 billion yuan in the same quarter last year [5][7][9]. Market Overview - As of March 31, 2025, the cumulative market size reached approximately 3,217.3 billion yuan, with credit ABS at 418.2 billion yuan, enterprise ABS at 1,991.9 billion yuan, ABN at 629.5 billion yuan, and public REITs at 177.7 billion yuan [3]. New Issuance Statistics - In Q1 2025, the credit ABS market had 29 new issuances totaling 22.8 billion yuan, a 40% decrease year-on-year. The largest share came from non-performing loans with 24 issuances totaling 11.2 billion yuan, followed by personal auto loans with 2 issuances totaling 7.2 billion yuan [7][9]. - The enterprise ABS sector performed strongly with 307 issuances totaling 263.7 billion yuan, reflecting a 38% increase year-on-year. The leading segment was financing lease receivables with 61 issuances totaling 65.7 billion yuan, followed by general small loan receivables with 55 issuances totaling 49.7 billion yuan [9][11]. - The ABN market also showed significant growth, with 120 issuances totaling 101 billion yuan, a substantial 59% increase year-on-year. Notably, bank/internet consumer loans accounted for 22 issuances totaling 18.5 billion yuan [11]. Underwriting Performance - In Q1 2025, Guotai Junan led the ABS underwriting rankings with 88 projects totaling 39.81 billion yuan, followed closely by CITIC Securities with 94 projects totaling 39.46 billion yuan, and Ping An Securities with 52 projects totaling 36.55 billion yuan [15][16]. Detailed Underwriting Rankings - For credit ABS, China Merchants Securities topped the rankings with 17 projects totaling 3.84 billion yuan, followed by CITIC Securities with 14 projects totaling 3.19 billion yuan [20][21]. - In the enterprise ABS segment, Ping An Securities led with 46 projects totaling 35.10 billion yuan, while Guotai Junan followed with 68 projects totaling 34.61 billion yuan [23][24]. - In the ABN market, China Merchants Securities again led with 19 projects totaling 10.23 billion yuan, followed by Jiangsu Bank with 35 projects totaling 9.15 billion yuan [25][26]. Asset Class Rankings - The top three asset classes by issuance volume were financing lease receivables, general small loan receivables, and bank/internet consumer loans, with significant underwriting contributions from various institutions [28]. - For financing lease ABS, Ping An Securities led with 15.83 billion yuan, followed by Guotai Junan and CITIC Securities [28]. - In general small loan ABS, Guotai Junan was the top underwriter with 7.76 billion yuan, while China Merchants Securities and CITIC Securities followed [30]. - For bank/internet consumer loans, China Merchants Securities led with 9.75 billion yuan, with CICC and Jiangsu Bank in second and third places [32]. Institutional Rankings - In the credit ABS market, Jianxin Trust led with 6.85 billion yuan from 7 projects, followed by Shanghai International Trust and Huaneng Guicheng Trust [38]. - In the enterprise ABS market, CITIC Trust topped the rankings with 21 billion yuan from 20 projects, followed by Shenghe Factoring and Far East Leasing [40]. - For the ABN market, Guotai Junan Trust led with 22.82 billion yuan from 26 projects, followed by Huaneng Guicheng Trust and Huaxin International Trust [48]. Public REITs Market - In the public REITs sector, Shenzhen Jiafeng Industrial Park Management led with 3.29 billion yuan, followed by Fujian Huawei Rural Commercial Group and Jinan Thermal Power Group [50][51].